So you are a business owner, and you have cranes, mixers, generators, trucks and other machinery on your premises and work sites. Knowing where these assets are, how and when they are being used, and their condition is vital information for a business that wants to stay efficient and productive.
In essence, asset management is about making informed decisions to get the most out of an organisation's resources.
This is called asset management and it focuses on overseeing these objects and the processes they follow. These assets can range from tools, heavy equipment and other moveable non-powered assets.
Let us discuss how it can help curb high operational costs, and logistics challenges and improve overall efficiency. We will also share how modern tracking solutions, like Cartrack’s, provide real-time visibility and control.
Businesses rely on essential tools and equipment to achieve their goals efficiently. Depending on the type of business these tools can vary from general office tools to vehicles and heavy equipment. When discussing fleet asset management we are addressing the latter.
Consider these possibilities: your company generator has gone missing, fuel receipts are not adding up, there are multiple duplicates of the same schedule but not the one you’re looking for, and all your drivers are claiming overtime when you saw them all take the weekend off. This is why asset management is necessary, to avoid situations like this.
Managing these assets is very important as they are vital components of the business’s operations. If any of these had to break down or get stolen operations could be hindered significantly. This is why having a system that manages these assets is important, it streamlines inefficiencies and makes workflows more organised.
A successful business operates at optimal capacity and productivity. Anything of risk to these aspects of the business should be resolved. Loss of assets, theft, misplacement, and inefficiencies are a result of poor asset management.
Workplace theft is responsible for nearly 30% of business bankruptcies. This is a startling fact to realise, especially when the average new business failure rate is 54%.
What industries benefit most from implementing this system? The answer to this will depend on the nature of the business, and the number and types of assets it has.
The ideal industries would be those with many vehicles, heavy equipment, and machinery. Some of these industries include, but are not limited to: logistics, construction, mining, retail, and manufacturing.
One of these industries is agriculture, which remains the backbone of Kenya’s economy and central to Kenya’s development strategy. According to the UN Food and Agriculture Organization (FAO), the sector remained dominant, accounting for approximately 33% of the gross domestic product (GDP).
According to the FAO, agriculture accounts for 65% of Kenya’s export earnings. It is the largest employer in Kenya, with more than 40% of the total population (and more than 70% of Kenya’s rural population) earning at least part of their income from the sector. This is why it is important to make sure that all precautions are taken to maintain the productivity of this industry. This is why asset management is essential; it streamlines processes and optimises the productivity and performance of assets.
Other more niche industries can also benefit from adopting an asset management system. This system works regardless of the size of the business or the scale. This kind of system can work even for a business with assets and vehicles spread across the country and borders.
Let’s say there is a construction business; amongst its assets will be office chairs, stationery, tea cups and cleaning supplies to name a few. These business assets, while important, are not the kind that would need tracking and management. That would be the larger more specific tools that travel from site to site.
A business's assets serve different functions, requiring management tailored to their purpose, size, and value. Assets that need to be managed can range from powered to non-powered, movable to non-movable, and assets of different weight ranges.
Let’s see some examples of each of these asset types:
Some of these types of assets may overlap in type and sometimes function. This nonetheless does not affect their need for management and monitoring.
Running a business requires all aspects to be performing and functioning at 100%. Manually tracking and managing these assets can be time-consuming and in some cases labour intensive.
Having an asset management system bypasses these problems by streamlining and automating some of these tasks. Here is how it is done:
Real-time GPS tracking is one of the systems that can assist with managing assets. These solutions need to integrate with fleet management software. You get to monitor the exact location of all assets 24/7, giving you peace of mind that they are safe and accounted for.
GPS tracking facilitates asset recovery in case of theft alleviating the task of yard hunting for assets and physically recovering vehicles yourself. For some assets, the location can be requested via a GPS ping while other assets are visible in real-time on Cartrack's mobile app.
A geofence is a technology that allows for a virtual boundary to be set around an area. This boundary determines where assets are allowed, sending out an instant alert when they move outside this designated area.
This software can be used to monitor when assets enter a workspace and when they exit it, this can be useful when tracking the movement of assets from site to site. You will know the exact time an asset arrived at a location, how long it was there and when it left.
Should the tracking unit on an asset ever be tampered with, you will receive an alert. This will indicate that someone is trying to steal the asset and allow for appropriate action to be taken in time.
How assets are used is an important factor to monitor, as this will determine the amount of wear and tear on an asset. An issue that usually occurs is when there is an uneven use of vehicles and machinery. This happens when one asset is regularly booked and used while another remains idle for long periods.
An asset management system addresses this issue by tracking working hours, and maintenance schedules, and optimising usage. This will let the personnel in charge of distributing work know which assets have not been used efficiently and which are being overused. This will allow them to allocate work accordingly to assets depending on availability and total hours worked. This will make operations more efficient and less costly.
If a business owns vehicles and equipment that require an ignition to start working then a remote immobiliser can be installed. You will be able to remotely switch off the asset from running at any given moment.
This means that in the case of theft, the business owner can stop the car from running and make it easier to locate. This helps in a situation where stolen vehicle recovery teams have been dispatched and are looking for the asset.
An asset management system should offer comprehensive reports and analytics of all assets. These reports should cover everything from usage rate, fuel consumption, maintenance, diagnostics, and other metrics.
These reports will give an overview of all the assets’ operations and status. They can then be used to improve decision-making and asset utilisation in the future.
Dealing with the stresses of managing a wide variety of assets can be overwhelming. Fortunately, Cartrack has solutions for them all.
As a comprehensive asset management provider Cartrack stands as an industry leader. With a footprint across 23 countries and customers from all over the globe, Cartrack offers some of the best solutions in the market.
Here are some reasons to choose Cartrack:
With over two decades’ worth of experience in the field, Cartrack has developed and innovated several solutions that are now the standard. All the innovations are patented and protected as intellectual property of the business.
Cartrack’s software is all developed in-house, ensuring custom-built solutions for the evolving needs of businesses.
Asset tracking requires around-the-clock monitoring. A dedicated team ensures that your business assets are always protected. This constant surveillance means that should anything happen to your asset Cartrack can act quickly by sending out an alert and a recovery team if necessary.
This 24/7 monitoring can be done from the comfort of the business owner’s home, giving them a full view of all their assets at any time.
Cartrack has a long history of success with over 115,000 businesses trusting us with their fleet management solutions. Our audited stolen vehicle recovery rate stands at approximately 90%, a figure that is hard to match by competitors in the field.
It is this reputation that should be a testament to why we are the best choice for a business looking for asset management.
Another method we have of protecting your assets, especially vehicles, is anti-jamming technology. This will block any attempts made to jam vehicle immobilisation or GPS tracking. Our technology even comes with a back-up that ensures that any jammed or tampered with signals are restored allowing for continuous GPS tracking.
Our platforms offer a seamless user experience, allowing the business owner to monitor assets from their cellphone courtesy of our Mobile App or on a desktop or PC through our online interface.
Through these platforms, a business owner can have a full view of all their assets, reports, schedules and drivers.
Cartrack offers remote immobilisation of vehicles and certain machinery. This is a feature that is extremely useful when dealing with theft. With a single tap on the Cartrack mobile app, you can remotely immobilise a stolen vehicle, preventing unauthorised movement and aiding in swift recovery.
With geofencing, an asset manager can create a virtual boundary around the business premises or work site, requesting alerts every time an asset moves outside the zone. This can apply to vehicles, machinery and other movable assets. Using this technology allows the tracking of assets from one site to another to be clearer and better reported.
Cartrack’s solutions are customisable to many business types from simple ones to those with a complex business structure. This allows us to adapt to the needs of a business as it grows and takes on more assets.
Our services cater to mixed fleet asset management, with a platform that is compatible with systems like enterprise resource planning (ERPs) software and other plug-ins.
The importance of asset management for business efficiency and security can not be understated, it is a necessary component for any business looking to optimise operations. Whether a business is looking to grow or maintain workflow, the need for streamlined processes is always a benefit.
With Cartrack as your business’s trusted asset tracking and management partner, your business will get a top-tier product that comes with unparalleled service. As a business, with a wealth of industry expertise and a reputation that few can compare to, we rise above the rest and shine as one of the best options out on the market.
If you would like to get an asset management system from us, then we encourage you to book a demo or contact us to hear more about our solutions.
Is fleet management part of logistics?
Yes, fleet management is a component of general logistics as it deals with the management of vehicles, schedules, routes and planning.
What industries need fleet asset management?
There are a range of business types and industries that need fleet asset management. These industries include but are not limited to; mining, construction, farming, and manufacturing. Any industry with a fleet of vehicles and heavy equipment will need an asset management system.
Why is it important to manage equipment as assets?
Equipment is very expensive, especially the kind used in niche and specialised industries. Breakdowns, theft and failure of these assets can lead to significant delays and operational disturbances. Managing these assets mitigates these problems and allows for timely action to be taken should a problem occur.
What are the three types of equipment maintenance?
There are three main strategies most facilities follow when it comes to machine maintenance:
